What is Making Tax Digital, what does it really mean for your business and when will it affect you?
Get all the updates about ‘MTD’ and learn how to have your bookkeeping system ready!
Given the pressures on self-employed people and small business owners at the moment, we’re pleased to see that there’s no need to worry about new Making Tax Digital (MTD) compliance for the time being.
Starting from April 2019, most VAT registered businesses will have to comply with the new ‘MTD for VAT’ regulations and submit their VAT Tax Returns via MTD compatible software. The current process of applying VAT records to your HMRC tax account will become a way of the past, as your invoices and transactions will be transmitted via what HMRC refers to as; ‘Digital Links’ and ‘Software Bridges’. So, to get a better idea about the adjustments needed and to help you get MTD compliant, we have put together the below, Making Tax Digital for VAT complete guide.
Making Tax Digital (MTD) for VAT is the Government’s first phase in what they believe is making tax administration more effective, efficient and easier for taxpayers. The Government has said that one of the main […]
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